ROANOKE, Va. (WFXR) – With the election season ending and inflation rates cooling down, the economy and food prices have been one of the top issues for people and families throughout the country. But what do the numbers tell us about when compared to last year or during the pandemic?
A recent study by USAFacts.org determined food prices have increased 1.3% from September 2023 to September 2024 [1] and 11% from 2021 to 2022. This is the largest annual increase in 40 years, according to USAFacts.org.
That is in addition to the 2.4% increase for other commodities including gas, utilities, clothing, medical services, and other consumer goods, as well as the 2% FED inflation target for stable economic development.
When looking at which types of groceries increased the most, USAFacts used data from the Bureau of Labor Statistics[2] and found that a dozen eggs have increased in cost from $2.06 to $3.82, up 85.0% over the last year.
Data shows that Beef, chicken, tomatoes, whole milk, and bread have also increased more than the 1.3% average for groceries. Beef prices increased the most at 11.0%, followed by tomatoes at 5.0%, chicken at 4.1%, whole milk at 1.4%, and bread at 0.2%. Additionally, fruits and vegetables have also seen an increase of 0.9%, as well as dairy of 0.1%.
However, USAFacts found that not all groceries have seen an increase in cost. Bananas, cheese, and potatoes are all cheaper than they were a year ago. Potatoes have decreased the most at 3.6%, followed by cheese with a decrease of 2.0%, and then bananas at a decrease of 0.2%.
Several factors are affecting food prices:
- Supply chain challenges, including those related to COVID-19 and global relations such as the war in Ukraine
- Inflation
- Higher labor and transportation costs
- Animal diseases, such as the avian flu in 2022 which impacted egg and chicken prices
- Extreme weather events that damage crops and affect animals
USAFacts says the USDA expects grocery store prices to increase another 1.2% in 2024.
Looking back further, USAFacts found prices rose more than just in the previous year. From 2021 to 2022, prices increased 11%. Since August 2004, the largest year-over-year increase occurred in August 2022 with a 13.5% increase from August 2021. During that same period, the largest percentage decrease was in November 2009, when grocery prices were 2.9% lower than in November 2008.
Sources & Footnotes
Bureau of Labor Statistics
BLS Data Finder 1.1
Last updated
October 2024
Bureau of Labor Statistics
12-month percentage change, Consumer Price Index, selected categories
Last updated
October 2024
[1]
Prices are unadjusted.
[2]
Sample of grocery staples as defined by the Supplemental Nutrition Assistance Program (SNAP). Staple prices are the average price among US cities and are not seasonally adjusted. Beef is ground beef, 100% beef, per lb. (453.6 grams). Chicken is fresh, whole, per lb. Potatoes are white, per lb. Tomatoes are field grown, per lb. Bananas are per lb. Cheddar cheese is natural, per lb. Milk is fresh, whole, fortified, per gallon (3.8 liters). Eggs are grade A, large, per dozen.